As ever for the chief executive of a big bank, it is a case of one step forward and then at least one back. So it is for Jes Staley at Barclays.
He pulled off a significant feat over the Easter weekend by setting up Barclays’ new ringfenced bank for 24 million retail and small business customers with £250 million of assets.
That made Barclays the first bank to comply with rules that become law next year which are intended to protect high street operations from failure.
Not only was there a benefit in getting the job done, Mr Staley’s policy was also designed to put Barclays onto a better footing with regulators. However, Moody’s came along and slightly spoilt the celebration by cutting the